The last date to file Income Tax Return is 31 July 2022: How to calculate your tax liability.

ITR deadline for the financial year 2021-2022 is 31 July 2022.

ITR deadline for the financial year 2021-2022

At the end of the financial year, citizens of the country have to pay income tax returns to the income tax department. For the current year, the last date is 31 July 2022.

The due date for ITR for different categories of Taxpayers:

ITR Taxpayers Details

If Due date is missed;

The Taxpayer must file the ITR to avoid any interest penalties under Section 234 A, B, and C and late filing fees under section 234F. ITR can be filed after the due date under the “Belated Return” segment. This return can be filed by 31st December of the assessment year(unless extended by the government).

Penalties for late filing of ITR:

Late Filing Penalties

Tax payable as per Income Slab for salaried individuals:

Tax payable as per Income Slab for salaried individuals

Related: CBDT notifies ITR form for 2022-23. Here’s what you should know

Filing tax return

Documents required to file ITR

  • PAN Card
  • Aadhaar Card
  • Form 16
  • Bank account details
  • Investment details with proof
  • Other income details with proof

Income tax filing has been clubbed under five heads:-

  1. Salary income- Salaried income can be easily ascertained from Form 16 filed by the employer. Salaried income is liable for income tax based on Form 16 filed by the firm they work for. Salaried individuals can claim a standard deduction of Rs 50,000 on their income from salary. Also, salaried individuals can avail of HRA and LTA benefits to reduce their tax liability. 
  2. Income from house property- If you have more than two properties or if you have rented out a property, you are liable to pay income tax on house property income. Income from house property includes your rent and the deemed to be rented out income if you own more than two properties. Two properties can be considered self-occupied property.
  3. Income from capital gains- Income from capital gains on house property, shares, or mutual funds is known as capital gains income. Income tax on capital gains is 10-20% depending on whether the capital gains are short-term or long-term.
  4. Business or professional income- Business income includes income from any form of business. Professional income is the income professionals get from various professions like lawyers, CA, architects, doctors, etc. 
  5. Other income includes income from FDs, dividend income, savings account interest, etc. 

You need to calculate the income from various sources and then use the various deductions available under various heads. The final income needs to be taxed per the income tax slabs. 

Related: Income Tax changes announced in Union Budget 2022 that you should know

Conclusion

ITR deadline is due on 31 July. Calculate your income and then pay the income tax per the various slabs. Even if you need to pay zero tax, you must file your ITR by 31 July. Else, you are liable to pay the penalty. Read this article to understand how to use your AIS and TIS statement for filing ITR for AY 2022-23

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